FSC opens London office
The Financial Supervisory Com-mission (FSC) opened an overseas representative office in the City of London on Thursday in the hope of promoting financial diplomacy and international supervisory cooperation, it said yesterday.
The office could help introduce Taiwan's growing capital market to multinational investors, the commission said.
The commission opened its first overseas officein New York in October 2005.
HTC to invest in Singapore
High Tech Computer Corp (HTC, 宏達電), the world's largest maker of smartphones that run on Microsoft Corp's operating system, said yesterday that it will invest US$17 million to set up High Tech Computer Asia Pacific Pte Ltd in Singapore.
The new office would help facilitate the merger with mobile phone brand Dopod International Corp (多普達), the company said.
On July 1, HTC acquired Dopod Asia operations, excluding China, in a deal amounting to US$14.5 million.
The company also opened the first "HTC Care" service outlet at Keppel Bay Tower in Singapore yesterday. It opened its first HTC Care story in Taipei on Tuesday.
Media-Saturn to hold talks
Media-Saturn Holding GmbH will meet next week with Taiwanese electronics manufacturers on the possible procurement of computers, communications and consumer electronics (3C) products, the Taiwan External Trade Development Council (TAITRA, 外貿協會) said yesterday.
TAITRA said in a statement that it would host a trade consultation for the German firm with local companies on Monday at the Taipei World Trade Center.
Media-Saturn is the largest 3C chain store in Europe, with more than 450 stores in 13 countries and has an annual turnover of 13.3 billion euros (US$18.1 billion).
Media-Saturn was also considering forging partnerships with Taiwanese manufacturers that have assembly plants in Europe, TAITRA said.
Chip resister fights takeover
Local chip resister Ta-I Technology Co (大毅) said yesterday its board had approved the proposed issuance of 30 million new shares to fend off a hostile takeover by rival Yageo Corp (國巨).
The issuance would make up about 16 percent of increased shares outstanding. Ta-I will seek shareholders' support in an meeting scheduled for Aug. 22.
However, Yageo said earlier that it had no plans to acquire Ta-I. It holds a 17.38 percent stake in Ta-I.
Citibank sells Fubon GDRs
Citigroup Inc sold 1.5 percent of Fubon Financial Holding Co (富邦金控) shares as global depositary receipts, Fubon president Victor Kung (龔天行) said.
Citigroup sold 118 million common shares to foreign institutional investors, Kung said in a telephone interview.
The US bank has told Fubon it doesn't plan to sell its remaining 100 million shares "any time soon," he said. Taipei-based Fubon Financial's GDRs are traded in London, Kung said.
Moody raises local AIG rating
Moody's Investors Service yesterday upgraded the insurance financial strength rating of AIG General Insurance (Taiwan) Co (友邦產險) to A2 from Baa1. The rating outlook is positive.
AIG General Taiwan, previously named Central Insurance Co (中央產險), was acquired by American International Group (AIG) last August and renamed last month.
Moody's said that given AIG's ownership, AIG General Taiwan's operations have already shown improvement, including in underwriting profits and guidelines, investment policies, and expense management efforts.